Why Should You Do a CIBIL Check?

It usually happens to all of us that we forget to check our CIBIL score, because we don’t know its importance. But let us tell you why doing CIBIL check is important for you. When you do a CIBIL check you come to know about your credit score, which is the numerical representation of your creditworthiness. So if your credit score is between 750-900, there are better chances to get a loan at negotiable rate of interest. On the other hand, if your credit score is between 300-690, you need to improve your credit score and that is why you should do CIBIL check. Let’s read this article and learn how to do CIBIL check online.

Process to Check CIBIL Online

If you want to check your credit score, visit the CIBIL official website and follow the steps below:-

  • Click the button ‘Get your CIBIL Score’
  • Choose a premium plan for yourself and create an account
  • Enter your email address, first name, last name, PAN number, date of birth, pincode, mobile number, and create a password
  • After filling all the personal details click ‘Accept & Continue’ button
  • Later you’ll receive an OTP on your registered mobile or email, enter that OTP and verify your details
  • At last complete the payment method using your debit/credit card

Once, your CIBIL account is created, you can login to your account and check your credit score.

What if the Credit Score is Low?

In case your credit score is low, you can do the following to improve your CIBIL –

  • Pay your dues if this is the reason for your low credit score. You can start your due payment monthly because the credit score will improve gradually.
  • Make sure your credit balance is low. It is important that you use your credit card smartly. Because if the credit utilization ratio is high, it can impact your CIBIL in a negative way.
  • Have a balance of secured and unsecured credit. It might be a problem for you if you borrow a large number of unsecured loans compared to the secure. Because this could make your credit greedy and impact your credit score. So try not to do that and always maintain a healthy balance between the secured and unsecured credit. 
  • The reason your credit score is low may be your constant applications for loans. Because you may have not realized that when you apply for a new loan, a CIBIL check is done by the lender and this could affect your credit score. So if you apply for a new loan several times, it makes your credit greedy and lowers your credit score. Now, whenever you apply for a loan, be careful of this factor.
  • Do CIBIL check once in a year to monitor your credit activity, so you can know how it affects your credit score.
Error in My CIBIL Check

In case there is an error in your credit report, you can raise a dispute by following the instructions below –

  • Login to your CIBIL account
  • Select ‘Credit Reports’
  • Click the ‘Dispute Center’ tab
  • Select ‘Dispute an Item’
  • Fill the online dispute form
  • Choose the relevant section for which you want to raise the dispute, i.e. personal, contact, employment, account details and enquiry
  • After that enter a value for the disputed section

When the CIBIL system receives a dispute from the user, it will validate the dispute and send it to the respective credit institution. CIBIL will mark the disputed field, account or section on your credit report as “Under Dispute”. This may take approx. 30 days to resolve a dispute, subject to the time taken by the credit institution.